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The fashion pièce de résistance of Phillip Lim's denim capsule collection is the designer's rendition of the classic trench coat, which can be worn three ways: as a long sleeveless vest, as a cropped jacket, or as a full denim-on-denim trench. At $895 it's a splurge, but other pieces in the collection—like the bralette top—are easier on the wallet.
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